Bega claims combined business would benefit from "globally relevant" scale

Australian dairy processor Warrnambool Cheese and Butter Factory has told investors to "take no action" on the A$319m takeover bid from local peer - and shareholder - Bega Cheese, while it reviews what it has already labelled an "opportunistic" offer.

However, in the letter, Richardson also indicated WCB had an early view of at least the timing of Bega's offer.

"WCB directors will assess these factors as we consider whether Bega's offer adequately reflects the value of the WCB business today, the expected future earnings uplift from the initiatives currently underway and the improving market conditions. Given the highly favourable outlook for WCB, we consider the timing of the offer to be highly opportunistic," Richardson wrote.

The offer must remain open for at least a month from when it opens, which, WCB said, can be no earlier than next Thursday (26 September).

As an unlisted co-op, Murray Goulburn has no shares to offer in any counter offer. Any bid for Murray Goulburn would still likely interest anti-trust officials in Australia. But could it make a Bega takeover more difficult?